There is provided an oxide dispersion-strengthened nickel alloy which has a hot working property, a structure stability at high temperature, improved creep characteristics at high temperature and improved heat resistant fatigue characteristics. The oxide dispersion-strengthened alloy is composed of an oxide containing one or more kinds of elements in an amount of 2 wt % or less selected from the group composed of titanium, zirconium and hafnium, chromium in an amount of 15-35 wt %, carbon in an amount of 0.01-0.4 wt % and Y.sub.2 O.sub.3 in an amount of 0.3-2.0 wt %, and the balance of substantially nickel, wherein Y.sub.2 O.sub.3 is dispersed as particles in the matrix of the nickel alloy containing one or more kinds of elements selected from the group composed of titanium, zirconium and hafnium, chromium and carbon. The elements of equipment such as the nozzle guide vane of a gas turbine, the liner and transition piece of a combustor, and the like are composed of the oxide dispersion-strengthened alloy of the present invention so that they can be used at high temperature.